POS Payment Market

POS Payment Outlook - 2027

A point-of-sales (POS) terminal is an electronic device used by the hospitality, healthcare, retail, entertainment, and other verticals. In addition, it involves in processing the card or proximity payments, inventory management, and various other features by a single machine. Furthermore, POS enables consumers to track & record transactions and further connect to the main system for data storage.

Moreover, ongoing technological enhancements such as cloud-based POS and mobile POS with bar code scanner in the systems is enhancing the efficiency of the businesses by providing high returns on investments. Therefore, surge in demand for easy & accessible point-of-sales terminal for payments, inventory management, and numerous other features is expected to boost the market growth for the market in the near future.

The global POS payment market is segmented on the basis of product, component, deployment and region. Based on product, the market is divided into mobile point-of-sales terminal and fixed point-of-sale terminal. In terms of component, the market is categorized into hardware, software, and services. On the basis of deployment, the market is divided into cloud-based and on-premises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global POS payment industry include AURES Group, BBPOS Limited, Bematech SA, Bitel Co. Ltd., Castles Technology Co. Ltd., Cisco Systems Inc., Diebold Nixdorf Inc., Fujian Newland Payment Technology Co. Ltd., and Ingenico Group and Micros Systems Inc.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global POS payment market.

COVID-19 Scenario Analysis

• The POS payment market is expected to grow significantly during COVID-19 health crisis, as the consumers have largely switched to cashless means such as contactless cards, Google Pay, and other measures for initiating a financial transaction. This is will prevent physical contact and curb the spread of coronavirus.
• Owing to the pandemic situation, several small & medium-sized businesses & the buyers are shifting to the digital payment systems such as POS, RFID, and others, which help retailers to process payments via digital platform.
• Contactless card POS payment is anticipated to increase as a preferred method of payment, due to the spread of COVID-19 as the POS payment methods require no or very few physical interactions during the transactions.

Top Impacting Factors

Stringent government policies for the adoption of POS technology, rise in demand for easy & convenient payment methods, and increase in adoption of smartphones are driving the growth of the market. However, security & privacy concerns related to POS terminal is expected to hamper the growth of the market. Contrarily, progressive & advanced developments in the regulatory framework for the POS payment can be seen as an opportunity for the market investments.

Security and Privacy Concerns Related with POS Terminal

POS payment method delivers a better payment solution with several features such as higher operability, reliability, and flexibility services. However, majority of consumers have been dependent on cash for executing day-to-day transactions and has witnessed for the change from cash to card transactions due to the implementation of POS payment methods. 
Furthermore, the POS payment mode stores information such as purchasing pattern, amount, location along with other insights. The additional information stored increases the risk of unofficial usage of the personal data which in turn increases the security as well as privacy concerns amongst the consumers. Therefore, increase in security and privacy concerns related with POS terminal, will hamper the growth of the market in the near future.

Rise in Demand for Easy and Convenient Payment Methods

The POS payments which offers an association with the corporate & retail environments and ensures secured & faster transactions, is expected to maintain its dominance during the forecast period. Furthermore, the POS terminal provides additional level of ease during the use of contactless cards for the payment of the POS terminal. The transaction details are stored in the central processing unit (CPU) chip, Subscriber Identity Module (SIM), and other forms inside the POS terminal in a secure element. 

Moreover, stored information becomes easier for the retailers to identify the transaction and is useful for the sellers in multiple ways such as to manage the inventory and tracking the transactions. Therefore, the rise in demand for easy and convenient payment methods, will foster the growth for the global POS payment market in the upcoming years.

Key Benefits of the Report

• This study presents analytical depiction of the global POS payment market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the POS payment market share.     
• The current market is quantitatively analyzed to highlight the global POS payment market growth scenario.         
• Porter’s five forces analyis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed POS payment market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the POS Payment Market Research Report    

• Which are the leading players active in the global POS payment market size?
• What would be the detailed impact of COVID-19 on the global POS payment market?
• What are current POS payment market trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the global POS payment market?
• What are the projections for the future that would help in taking further strategic steps?

 POS Payment Market Report Highlights